Marina Del Rey Condominium Market Report for Month of August, 2010

Well here we are it is September 2, 2010; the months just keep flying by. We have had a busy year up to now. Many pundits had given contradictory information and made headlines in many of the National and Local News outlets.

I have been saying all along Real Estate is local. One needs to look at the trends nationally as well as locally. I monitor three micro pockets of the West Los Angeles Real Estate Market very closely and find that they are all different month to month.

So with that let us look how the Marina Del Rey Condominium sales activity fared in August.

The Trend for the past four months has been consistent in one particular area that is the inventory has been increasing month over month.  No exception this month either. Currently there are 169 Condominiums on the Market for sale in Marina Del Rey.

I am so amazed at the number of properties that are in Escrow, I did not expect this if I just listened to what was said in the Media. There are 23 Condominiums in Escrow accepting Backup Offers i.e.: where the buyers have not removed their contingencies yet. This compared to the previous month of 12 is just amazing. Last month there were 10 Properties pending this month 38 Properties are pending where the buyers have removed their contingencies. I attribute this increase to buyers recognizing, that the values are good and the interest rates are phenomenal. Hence they perceive that it is worth getting off the fence and step into the market is a wise move on their part.

There were 4 Properties on Hold, which is an indication of a Short Sale transaction. This has been consistently the same for the past few months.

Now let us look at the most important number the actual sold properties. This increased as well from the previous month of 24 Sales to 26 for the month of August. Overall this is fantastic, without the Tax incentives, we still had a very positive month.

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.